Vietnamese stocks snapped a three-day winning streak on Friday, facing strong selling from investors, as they seek profits from firms that made significant gains during the last sessions.
On the Ho Chi Minh Stock Exchange (HoSE), the VN-Index lost 0.49 per cent to close at 1,282.57 points. The index had gained 2.25 per cent in the last three days.
|A PV Oil (OIL) technician in central Thua Thien-Hue Province pumps fuel into petrol tanks for distribution. OIL lost 1.5 per cent on Friday.-VNA/VNS Photo Huy Hung |
Market breadth was negative with 131 gainers and 321 decliners.
Some 669 million shares were traded on the southern exchange, worth VND16 trillion (US$683.3 million).
“After gaining for three consecutive sessions, the VN-Index slightly corrected today. Liquidity is higher compared to the previous session, but the market's breadth turned negative,” said BIDV Securities Co.
The VN30-Index, which tracks the performance of the 30 largest stocks by market capitalisation and liquidity on HoSE, dropped 0.36 per cent to reach 1,306.81 points. In the basket, seven stocks climbed, one stayed flat and 22 slid.
Banking stocks lost ground with most of the stocks in the basket declining, including Vietinbank (CTG), Asia Commercial Bank (ACB), Tien Phong Bank (TPB), National Commercial Joint Stock Bank (NVB), Military Bank (MBB), Techcombank (TCB), Sacombank (STB) and VPBank (VPB).
Bank for Investment and Development of Vietnam (BID) and Vietcombank (VCB) were the only two gainers in the banking group.
Energy stocks also suffered selling pressure with losers such as Drilling Mud Joint Stock Corporation (PVC), PetroVietnam Drilling and Well Services Corporation (PVD), PetroVietnam Technical Services Corporation (PVS) and PV OIL (OIL).
Securities stocks decreased towards the end of the session. VN-Index's loss was significantly broadened as securities stocks declined strongly, such as VNDirect Securities Corporation (VND), Saigon-Hanoi Securities JSC (SHS), Viet Capital Incorporation (VCI), Agribank Securities Corporation (AGR) and APG Securities Joint Stock Company (APG).
On a sector basis, 23 out of 25 sector indices on the stock market lost ground, including wholesale, construction, rubber production, IT and logistics, agriculture, real estate, food and beverage, retail, seafood production,and plastic and chemical production.
The HNX-Index on the Ha Noi Stock Exchange (HNX) declined 0.78 per cent to close Friday at 299.50 points.
More than 73.6 million shares were traded on the northern exchange, worth VND1.7 trillion.
Foreign investors net bought VND90.52 billion on HOSE. They were net sellers on the HNX with a value of VND3.14 billion.
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Stocks recovered on Tuesday, bolstered by the growth of the banking, mining and securities stocks groups.